Gold, copper and oil all had rough weeks as investors took profits after deciding sentiment was turning volatile and becoming uncertain.
Oil and other commodity prices plunged to their lowest in a month, battered this week by a buoyant US dollar and measures in China to cool down its rapid economic growth.
The Reuters-Jefferies CRB index, a basket of commodities, fell to 275.08 points, the lowest level since mid-December and was down 2.2% on the week.
In the energy market, Nymex March West Texas Intermediate dropped 4.2% in New York to $US74.54 a barrel, its lowest level since December 23 when the big snow storms and freeze hit northern Europe, China and the US.
In London ICE March Brent fell $US1.73 to $US72.83.
Prices fell on China’s decision to cut back on bank lending, while a stronger US dollar, especially on Friday, pushed crude, gold and other commodity prices even lower.
Most metal prices fell.
LME aluminium for delivery in three months’ time slid 4.4%, but copper pared some of its losses on Friday, and ended the week down just 0.6%.
Comex copper in New York rose 5.2c a lb on Friday to end at $US3.347, while on the LME the metal eased to $US7,380 a tonne.
LME lead dropped 7.9%.
ICE March raw sugar hit a 29-year peak, up 4.7% on the week, to 28.95 US cents per pound, while Liffe May cocoa hit a 32-year high, up 1.5% over the week.
Gold prices fell on Friday, touching a one-month low during the session, helped in part by the rise in the US dollar (the Australian dollar dropped to end just over 90 US cents in New York Saturday morning).
Spot gold hit a one-month low of $US1081.90, the lowest since December 23.
It finished at $US1092.20 an ounce in late New York trading.
Comex February gold finished at $US13.50, down 1.2%, at $US1089.70.
President Obama’s plan to revamp banks and financial groups hit markets from equities to commodities, as analysts said threats of restrictions on financial risk-taking could dent investment flows, especially into commodities.
Oil is down from a 15 month high of nearly $US84 a barrel earlier this month.
That’s a fall of around 11% in a couple of weeks.
